Ripple Partners with OpenPayd to Develop a New Stablecoin Infrastructure Amid Bank Licensing Efforts

Ripple has joined forces with London-based fintech OpenPayd to construct a stablecoin and payment infrastructure for businesses needing swift and economical cross-border transactions.

This announcement follows Ripple’s application for a national banking license with the Office of the Comptroller of the Currency (OCC). Securing this license would empower Ripple to broaden its cryptocurrency services, operating in compliance with federal regulations across state borders.

Key Highlights:

• The collaboration aims to streamline cross-border transactions, treasury management, and dollar liquidity for enterprises.
• The partnership will facilitate the integration of Ripple’s payment networks with OpenPayd’s fiat systems, allowing for Ripple USD (RLUSD).

“The future of global finance depends on seamless interoperability between traditional infrastructure and digital assets,” stated Jack McDonald, Ripple’s SVP of stablecoins, emphasizing that the collaboration ensures enterprises gain reliable access to RLUSD, combining stability and compliance with the required connectivity.

Ripple Payments reportedly handles over $70 billion in annual payment volume across more than 90 markets.

This development comes on the heels of Ripple’s CEO Brad Garlinghouse revealing the company’s decision to drop its appeal against the U.S. Securities and Exchange Commission (SEC) to conclude a prolonged legal dispute with the regulator.